Business

Trakindo acquires 45% stake
in HD Finance

PT Tiara Marga Trakindo, the holding company of the business empire of the Hamami family's TMT Group, has acquired a 45 percent stake in Jakarta-listed financing company PT HD Finance.

Tiara Marga purchased 462 million shares, accounting for a 30 percent stake in HD Finance, from one of the latter's shareholders, Wealth Paradise Holdings Ltd., in a deal worth Rp 108 billion, according to HD Finance's disclosure to the Indonesia Stock Exchange on Tuesday.

Tiara Marga purchased another 231 million shares, equalling a 15 percent stake in HD Finance, from PT HD Corpora in a deal worth Rp 54 billion.

Prior to the deal, Wealth Paradise held a 48.7 percent stake in HD Finance while HD Corpora owned 21.43 percent, according to figures from the bourse. The investing public holds the remaining shares.

"The aim of the shares sales is to build a synergy with TMT to create a stronger shareholding composition to develop the company," HD Finance said in the disclosure.

In a separate publication, Tiara Marga said that its acquisition of HD Finance was aimed at diversifying its portfolio.

TMT Group is controlled by the Hamami family, whose chief patron Achmad Hamami has been named one of richest men in the country. The group has a number of subsidiaries running businesses in various fields, including in mineral and energy, property and heavy equipment distribution. Its listed portfolio includes listed integrated energy company PT ABM Investama.

The group also owns PT Trakindo Utama, the authorized dealer in Indonesia for heavy equipment products of Caterpillar.

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